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Guaranteed Issue Life

Definition

Guaranteed Issue Life Insurance (Canada): A form of permanent life insurance that is issued without any health questions, medical exams, or doctor’s reports. Applicants are automatically approved if they meet the age requirement, regardless of current or past health conditions. Coverage is typically limited to modest amounts—often $25,000 CAD or less—and charges higher premiums than traditionally underwritten policies because the insurer assumes greater risk. A two- or three-year “waiting period” (graded benefit) is standard: if the insured dies from natural causes during this initial period, the insurer simply refunds all premiums plus interest instead of paying the full death benefit; full face amount is paid from the first policy day only for accidental death. Once the waiting period ends, the full death benefit is assured for life, and the policy remains in force as long as premiums continue to be paid.

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Disclosure

All quotes, products, and services are marketed and distributed by Red Helm Canada, an independent brokerage. Review our brokerage disclosure to find out more about who we are. While all effort is made to ensure accuracy, rates and plan details may be subject to review or change without prior notice. Rates are not guaranteed until final approval and confirmation from the insurance carrier.  Plan eligibility is not guaranteed and may be subject to a medical questionnaire or other eligibility criteria. By submitting your information in our quote request form, you are accepting the terms and conditions of our website and are accepting that we communicate with you electronically for the purpose of solicitation.